With the Reds not involved in European competition at all this season, the domestic cups have taken on greater significance for Dalglish and his players.

It is a measure of how far Liverpool fell last season that Wednesday night's encounter at St James Park is the first time the club have been involved in round two of the League Cup since 1999.

Dalglish, in his second spell in charge at Anfield, is aiming for his 200th win as Liverpool boss in all competitions.

And Carragher admits the Carling Cup is now a major target this season.

Although the competition is third in the domestic pecking order behind the Premier League and FA Cup, the long-serving defender knows Liverpool cannot afford to be choosy about their targets.

"Exeter is a massive game for us," said Carragher, one of the few senior players expected to start against the League One side.

"We haven't been in the Carling Cup at this stage for a long time.

"There's no Europe this season so everybody at the club is determined to do as well as we can in the domestic cups.

"We need to make sure we get through, before thinking about Bolton on Saturday."

Carragher believes Liverpool's 2-0 win over Arsenal on Saturday - their first ever victory at the Emirates - is the perfect springboard from which Dalglish's side can launch a revival after a spell of under-achievement.

"It was a big game for us and a big result," said the 33-year-old. "The challenge for us now is to build on the result. The win has put us in a good position.

"I'm not sure what message it sends out, but it may make some people sit up and take notice and think that this Liverpool team could maybe do things this season."

Dalglish is expected to make up to eight changes to Liverpool's line-up, with one eye on the weekend clash with Bolton at Anfield.

Alexander Doni is expected to come in for Pepe Reina in goal, with Jon Flanagan, Jay Spearing, Raul Miereles, David Ngog recalled, and young defenders Jack Robinson and Conor Coady also set to start.

Carragher hailed the new-found strength in depth Dalglish has brought to the club and said such options are a key to success this season.

"That's always been a complaint aimed at the club, the strength of the bench," he said. "But we had quality players to come on at Arsenal and they were instrumental in killing the game off for us.

"Substitutes are massive, because a lot of games are won and lost in the last 20 minutes.

"The time to judge the new signings is at the end of the season, but I thought they played a massive part in the win [at Arsenal]."